Sell Apollo Tyres with a target at Rs 140: Reliance Securities

Reliance Securities recommends a sell rating on Apollo Tyres with a target price of Rs 140 and a strict stop loss placed at Rs 166 in intra-day trade. The stock has slipped 4.41 per cent so far in the calendar year 2016. The stock is looking bullish on the charts.

Apollo Tyres is a low beta stock (0.88) and is trading well below its 50-day, 100-day, 200-day moving averages at Rs 166.24, 157.54 and Rs 169.24, respectively, as per data collated by ETMarkets.com. The stock is trading with a P/E of 9.51 and P/B of 1.55.